Ignoring painful lessons from the disastrous response to the 2008-2009 financial crisis has become a habit for northern European countries. Betting against their own futures during the recent European Union finance ministers’ gathering, they rejected the idea of a Eurobond or any other new centralized intervention for the economic catastrophe brought by COVID-19 — something that is likely to further weaken European, U.S. and global economies, now and in the future.
